India has been a major driver of global economic growth: Jaitley

Photo of Indian's Finance Minister Arun Jaitley.

Washington: Finance Minister Arun Jaitley today stated that emerging economies have turned out to be increasingly important, accounting for more than 75 per cent of global growth. He further mentioned that India has been a major driver of global economic growth.

Jaitley said India’s growth is expected to be 7.5 percent for 2017-18 as against 7.1 percent in 2016-17.

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“India’s growth remains resilient, with low inflation, fiscal prudence and low current account deficit,” the Minister said, addressing a gathering at the G-20 Finance Ministers’ and Central Bank Governors’ Meeting in Washington D.C. on Friday.

The discussion sessions focused on the Compact with Africa, Financial Sector Development and Regulations, International Financial Architecture and Global Financial Governance. Jaitley said that India is on course to introduce the Goods and Services Tax (GST) from July 2017.

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“GST will eliminate the multiplicity of taxes and make India a single common market and as per IMF (International Monetary Fund) projections, India’s medium term growth is poised to raise above 8 per cent.”